FIS announces POS mobile wallet

FIS announced a new mobile wallet for use at Point of Sale or on the internet. This has been developed with Paydiant Inc. The wallet is linked to a card of the customer's choice. The system is said to be already used in a number of pilots. FIS say the system is secure since no payment credentials are provided to the POS device or stored on the smartphone.

The wallet is able to support multiple smartphones and existing POS hardware while still being forward-compatible with new technology as it becomes available. This enables financial institutions to launch a mobile wallet today and to attract and retain customers via their own financial institution-branded mobile payments solutions.

"The FIS Mobile Wallet can be delivered to financial institutions and retailers alike," said Gary Norcross, chief operating officer, FIS. "Our focus is to provide market-leading capabilities that position our clients to compete in payments across channels. The launch of this innovative new capability extends and complements the FIS mobile suite significantly beyond competitive offerings."

"We strongly believe that many financial institutions and retailers are not comfortable ceding their brand equity, customer relationships and transaction data to new entrants in the payments ecosystem," said Chris Gardner, co-founder, Paydiant, Inc. "We are thrilled to team with industry leader FIS, who shares our customer-centric viewpoint."